Photo by Ethan Miller/Getty Images
PBS Newshour
Making $ense
February 6, 2014

The massive increases in risky mortgages and thin bank capital requirements underlying the financial crisis wouldn’t have been possible without the Fed’s willing participation. But the Fed doesn’t act alone. In this adaptation of their forthcoming book, Charles Calomiris and Stephen Haber argue that the Fed is the product of legislation and politicking that have made the banking system fragile by design.

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